Gold
Spot gold price traded higher today at 1195$, Xau/Usd made high of 1197 in early morning session. Our signals enjoyed this high as our target was 1197$ only. We bought gold at 1189$ for 1197$ target. Comex Gold futures trading comfortably above 1200$. Join our signals service in $99 per month. Click here to choose your package. Main problem with these gains are they are orchestrated by weak dollar index and that too very limited. According to Kitco Gold Index dollar gains are pressured by sellers.
- Gold still have very much work to do in order to resume any significant buying. Yesterday pressure in precious metals came from strong US stock market. Dow Jones Index tested above 25800 before showing any profit booking till 25700.
- Yesterday dollar was weak but gold gains capped by strong stock market.
- Today we have last FOMC meeting minutes.
- We will have good idea about how FOMC is thinking about US economy.
- FOMC minutes will give a fair idea about upcoming interest rate hike in US.
- We have US home sales data in evening as well which would be another indicator of US economy.
- Dollar Index is under pressure since 2 days due to Trump’s criticism on rising interest rates.
A good resistance on spot gold chart stands at 1202$, If market break this hurdle and manage to hold price above 1202$. Then expect good strength in yellow metal till 1209$- 1217$.
Support in gold prices stands at 1188$, If traders break and sustain below 1188$. Then expect pressure in this major commodity till 1180$- 1172$.
Silver
Spot silver price trading at 14.78$ and futures trading at 14.77$. A good resistance in this precious metal stands at 15.02$, traders need to break this hurdle in order to resume any strong buying in silver. Once market break and sustain above 15.02$ then expect xag/usd to test till 15.22$- 15.44$.
Support in comex silver price now stands at 14.50$, If market break and sustain below this level. Then expect further pressure in this major commodity till 14.30$- 14.05$.
Crude oil
Nymex Crude oil prices continuing its winning streak since 2 days. Currently trading at 66.10$, A good hurdle on this major commodity stands at 67.20$. If traders break and sustain above our resistance. Then expect good rise in crude oil prices till 68$- 69.10$.
A good support in nymex crude oil price stands at 65$, If traders break and sustain below this level. Then expect pressure in this commodity till 64$- 63$.
Euro
Euro trading higher since Monday due to lower dollar index. Main beneficiary of weak USD is eur/usd only. Currently euro cruising at 1.1575. A good support in this major forex pair stands at 1.1530, If traders break and sustain below this level. Then expect major pressure in eur/usd till 1.1500- 1.1470.
A good resistance in euro chart stands at 1.1620, If traders break and sustain above our resistance. Then expect good rise in eur/usd till 1.1660- 1.1690.
Conclusion
Gold price forecast is positive for now till its not breaking our support today. Buy in dips would be good idea. Comex silver is also positive. Crude oil is in strong zone as well. Euro is in strong zone too.